Aviva’s asset management business, Aviva Investors, has reached an early agreement with the Financial Conduct Authority regarding historic breaches of FCA regulatory requirements concerning Aviva Investors’ dealing controls prior to 2013.
Aviva Investors has cooperated fully with the FCA during its investigation, unreservedly accepts the FCA’s decision, and has agreed to pay a fine of GBP17.6 million.
In determining the fine, the FCA has taken into account:
Aviva Investors promptly notified the FCA of the breaches; from the point it identified and self-reported the breaches, Aviva Investors and its senior management team engaged promptly and fully with the investigation; Aviva Investors has made significant improvements to its governance and control framework; Aviva Investors has not been the subject of previous disciplinary action; and that Aviva Investors’ cooperation was exceptional throughout the investigation.
Euan Munro, Chief Executive Officer of Aviva Investors, says: “We fully accept the conclusions of this investigation. We have fixed the issues, improved our systems and controls, and ensured no customers have been disadvantaged. We have also made substantial changes to the management team which is leading the turnaround of Aviva Investors.
“We have a clear focus on simple and specific investment outcomes for clients and we are delivering strong levels of investment performance within a robust control environment.”